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| Title: | 創新效率與貸款訂約-來自臺灣聯貸市場的證據
Innovation efficiency and loan contracting: Evidence from Taiwan syndicated loan markets |
| Authors: | 陳品蓉
Chen, Pin-Rong |
| Contributors: | 詹凌菁
Chan, Ling-Ching
陳品蓉
Chen, Pin-Rong |
| Keywords: | 創新效率
專利
聯合貸款
公司治理
Innovation efficiency
Patents
Syndicated loans
Corporate governance |
| Date: | 2020 |
| Issue Date: | 2020-08-03 17:26:27 (UTC+8) |
| Abstract: | 本研究探討借款公司之創新效率對聯合貸款合約條款之影響。本研究以
2001年至2016年之樣本進行實證研究。研究結果顯示借款公司之創新效率與聯貸利差呈負相關，但與非價格條款無關。進一步將樣本分為公司治理較佳與公司治理較差的兩組，研究結果顯示公司治理較佳的公司，創新效率與聯貸利差呈負相關，而於公司治理較差的公司，未發現創新效率與貸款合約具關連性。額外測試中，證據顯示在發明、新型、設計三類專利中，發明專利更能促進公司獲得較優惠的借款條約。此外，當借款予創新效率較低的公司時，聯貸結構中的參貸者數量會增加以減低自身風險。另外，證據顯示主辦行之中，國外銀行數量佔整體銀行數量的份額與創新效率成反向關係。總結，本研究認為公司的創新效率能在銀行決定債務條款時提供有價值的資訊。
In this paper, I examine whether innovation efficiency has an effect on the terms of syndicated loan contracts. I use a sample of 1,301 firm-year observations during 2001 to 2016 to test my hypothesis. The empirical results suggest that firms which are more efficient in transforming innovation into patents receive lower loan spreads from banks, while there is no effect of innovation efficiency on non-price terms. I further separate the sample into good and poor corporate governance groups, and find that innovation efficiency is negatively associated with loan spreads among borrowers with good corporate governance, while there is no effect among borrowers with poor corporate governance. Additional analyses reveal that among the three types of patents, invention patents are more valuable when it comes to corporate debt financing. Moreover, the evidence shows that the size of syndicate becomes larger when lending to borrowers with lower innovation efficiency. Besides, I find that the percentage of foreign lead arrangers is negatively associated with innovation efficiency of borrowers. In conclusion, information about innovation efficiency of the borrowing firms is valuable when banks determine loan terms. |
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| Description: | 碩士
國立政治大學
會計學系
107353005 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107353005 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000871 |
| Appears in Collections: | [會計學系] 學位論文
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